How the self-employed can get the government’s $1500 a fortnight payment

Along with help for people who have lost their jobs, the government is also paying cash to the self-employed whose incomes have dropped because of the coronavirus crisis.

Along with help for people who have lost their jobs, the government is also paying cash to the self-employed whose incomes have dropped because of the coronavirus crisis. Sole traders and other self-employed people are also entitled to the $1500 a fortnight payment if they have suffered a 30% decline in their income. The payment is also available to trusts, partnerships and companies operated by directors. Payments start from the fortnight beginning 30 March (with the first payment to be made in early May) and run until September 27.

Who can receive it?

The JobKeeper payment is open to businesses whose turnovers have dropped by 30% or more. There are three different ways you can calculate the fall for the ATO, which is running the scheme:

  • GST turnover for March 2020 with GST turnover for March 2019
  • Projected GST turnover for April 2020 with GST turnover for April 2019
  • Projected GST turnover for the quarter starting April 2020 with GST turnover for the quarter starting April 2019 Gavin Debono, Executive Director of Private Business and Family Advisory at Pitcher Partners Accountants, says it’s important business owners have their Business Activity Statement lodgements up to date so they show a decline. Debono noted that business owners need to ensure their BAS is filled out correctly, as different types of income recorded in the wrong category can make the current income look higher, potentially meaning the 30% decline may not show up. If you need help or advice on how to lodge, visit the Australian Taxation Office’s BAS Page or speak to a registered tax or BAS agent who can lodge, vary and pay on your behalf. If for some reason you don’t have such a big decline in income (such as your business wasn’t operating last year or had a bad 2019 because of drought) but are still affected by the coronavirus, the ATO will consider your situation on a case-by-case basis.

Only one owner per business and tax payable

Importantly, only one owner from each business entity is entitled to the payment. For example, with a company operated by two directors, only one would be entitled to the payment. However, Debono notes the other business owner might be entitled to the government’s JobSeeker payment if their income has dropped sharply or they have lost their employment. (Hyperlink to the earlier article.) Recipients should also know that they will have to pay tax on the JobKeeper payment, just like any other income. Applications are open from 20 April and can be made HERE.

What else can you do?

UNO expert mortgage broker Amanda Denham suggests that talking to your existing lender and negotiating a cheaper rate on your home loan might make all the difference in helping you stay on top of your finances. At UNO we offer this service free of charge, so reach out to one of our brokers today if you would like help from us as we can contact your bank on your behalf. Many lenders are currently offering generous cashbacks and in combination with a lower interest rate, this might just be enough to help ensure you don’t fall behind on your home loan costs for the next few months. If your home loan comparison rate doesn’t start with a 2, you may be able to get a better deal by shopping around. Check out our loanScore tool. It’s a quick and easy way to see if there is a better home loan rate available and if you could be saving money. Book in a quick call with our customer care teamBook a call in with UNO

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I have gone through 6 different mortgage brokers prior to meeting Andrew Wyers. He is the most patient mortgage broker I’ve encountered and also the most knowledgable about the bank’s lending process and products available. It took me 1 year to find a house I was happy with and Andrew was always there to assist with any issues or questions I had; he always return my phone call, even on the weekends or when his away on holidays. The loan process was smooth and I had no complications. The process with Andrew was again nice and easy, he took the time to find and put together the right package that was suited to my situation. I have recommended Andrew to my family & friends and everyone have been grateful and completely satisfied with his service.
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I had not dealt with Scott or UNO before finding them on the internet. Even as an Australian citizen living and working overseas, I knew obtaining a loan would be difficult. However, Scott went above and beyond what I expected from a mortgage broker. I genuinely don’t think you could find another company that works as hard as they did to get my home loan approved. I cannot recommend them highly enough. Everyone I dealt with at UNO were extremely professional and helpful. If you are looking for a broker, you would be mad not to give them a go. Thanks to Scott Wilkinson, Dalby Bajwa, Jena Lasquite and Andrew Pacini. Shaun.
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I had an outstanding experience with Tian Liu. He was incredibly professional and attentive, going above and beyond to meet my needs. His expertise and dedication made the entire process smooth and stress-free. Tian's deep knowledge of the market and commitment to finding the best solutions for his clients truly sets him apart. He was always available to answer my questions and provided invaluable guidance throughout. I highly recommend Tian Liu to anyone in need of a reliable and skilled broker!"
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September 3, 2024
Tian Liu provided exceptional service throughout the entire process. His professionalism and keen attention to detail were evident from the start. Tian consistently kept us informed and offered insightful advice that made us feel confident in our decisions. He truly cares about his clients and works tirelessly to ensure the best possible outcome. We couldn't be happier with his assistance and highly recommend Tian to anyone looking for a trustworthy and knowledgeable broker.
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For the past three years, it has been an absolute pleasure to work with Mike Parsons. He has consistently helped us navigate commercial property loans with skill and efficiency. Mike’s timely and professional responses to our inquiries have been invaluable. We have built a strong, reliable relationship with him and eagerly anticipate continuing our collaboration in the future. We highly recommend his services.
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Lee Robibaro
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I am so thankful and grateful to have Scott Wilkinson as my broker. He not only looked after me every step from start to finish he gave me confidence and I was able to trust him and his expertise. My children and I are now happy in our new home and very appreciative of Scott's help. I will definitely be only having Scott as my broker from here onward as there is no mucking around and straightforward answers. Thanks again
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Steve Mav
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Scott and the whole team at uno have been amazing. Super responsive and helped us achieve a result that we couldn’t have possibly achieved on our own.
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Scott, Dalby and Jena were awesome to work with for my recent Home Loan, they are responsive and knowledgeable - which helped ensure a smooth purchase from pre-approvals to settlement. This is the second property I've purchased with UNO as my mortgage broker and would definitely recommend their services. Thanks again to the UNO Team for the awesome support.
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I am writing this summary in support of recommending Mike Parsons as a Mortgage Broker. At the time of writing this, I have known Mike for 4 years and he has executed 4 mortgages deals for me (including 2 refinances) over that time. Mike has provided me incredible service as a mortgage broker as follows : - Works painstakingly on getting the scenarios together to provide you options that optimize your position. - Works inordinate hours on the detail necessary to support the scenarios. - Mike keeps you updated on the status and progress of the applications and also helps you work through answering questions and any complexities that may arise. -In my cases, given the complexities and timings of my situations , these application processes would take many weeks to finalize . Mike never gave anything other than utter commitment and focus to getting the job done. Mike acts as a true business partner throughout this whole broker /mortgage journey. I simply would only go to Mike for any future dealings on getting a loan from a bank (and as will my kids in the future !) . There is no way a bank (I have seen anyway) would provide this kind of time nor service to a customer. You can rest assured that once Mike has done the deal, you have ended up with the most optimized position taking into account all the variables/scenarios in play. Scott Hutchinson
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Jason Seam
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I've worked with Scott Wilkinson for my last 2 properties and he's been excellent. He sourced multiple options and didn't push a specific bank, tailoring his recommendations to me based on my requirements. I was specifically requesting a "medico loan" and Scott could navigate that extra requirement with expertise. When I was initially working with Scott, I was also trialling 2 other brokers and neither of those 2 had the same breadth of lenders, or could provide the same deals. I've referred multiple buyers to Scott and his team; one of them said to me after working with him, "how'd you find this guy, he's so good compared to all the other broker's I've worked with!" I'm going into my next purchase with Scott as my broker partner again. I recommend him to everyone
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My experience with Mortgage Broker - Scott Wilkinson, and his team - exceeded my expectations! I couldn’t be happier after settlement - in this current financial climate. He listened to what my requirements were in a loan and then devised a suitable plan for me moving forward. Which was something I didn’t think was possible to achieve. I strongly believe that Scott’s qualifications and previous experience in the Finance Sector - sets him apart from other Mortgage Brokers as he has more insight into the industry and the needs of the customer. Scott was professional, provided solid options, was timely with communication and gave great advice. I will definitely be using Scott’s services in the future and I highly recommend him to anyone as a Mortgage Broker.
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